Letter: Debt will burden next generation

Regarding "In the end, they'll have to forgive us our debts" [Opinion, Oct. 31], columnist Daniel Akst is probably way ahead of others. He might well have also included cities, towns, counties and states in the debtor problems.

There is an issue of corruption, in that political leaders take tax money, further acquire debt, and give it partially to their friends and those who bribe them or otherwise contribute to them winning office. So there is some justification that the already victimized (already overtaxed) population not pay the debt.

And there is Wall Street's role in enabling politicians to be corrupt. Some day there should be better due diligence regarding the purpose and efficiency of loans to governments. Don't hold your breath.

There is also the issue of accrued liability of post-retirement promises. This is a huge number, and an intergenerational problem, a problem accelerating rapidly and increasing government debt. I speak as a baby boomer, but one without a pension promise outside of Social Security and Medicare. I have some savings, not enough. It is hard to earn interest on savings these days, even while price inflation on necessities accelerates.

So what debts do we cancel? Student debt, government debt, what a bank owes you (with government guarantees), the dollars in your pocket, post-retirement promises? Who and what goes bankrupt? It's a very tough problem.

According to the Torah, a blessing of following God's laws is that others borrow from you. One of the curses, for not following, is that you become indebted to others. It seems we have lost our way.